OpenDeFi Partners with Onfido to Enable Trusted Identity Verification for OroPocket App

The partnership will enable OpenDeFi to automate user onboarding and streamline the KYC Process.

29-10-2021, United Kingdom/India: OpenDeFi, a unit of OroPocket, is proud to announce that it has established a partnership with Onfido, the global identity verification, and authentication platform, to implement safe and fast identity verification for user onboarding.

OroPocket is 100% asset-backed banking without any hidden charges or the time-consuming tedium that comes with traditional banks. Customers can invest in multiple asset classes to grow their wealth and enjoy 100% liquidity.

Onfido’s award-winning technology uses artificial intelligence (AI) and facial biometrics to validate users’ identities, providing a better user experience for OpenDeFi users while reducing fraud. The integration automates user onboarding and streamlines Know Your Customer (KYC) requirements. This enables OpenDeFi to confirm the authenticity of their users’ real identities, allowing them to begin using the OroPocket app with ease.

By integrating Onfido’s identity verification solution, investors will be able to sign up on OroPocket by simply taking a photo of their government-issued identity document (ID) and selfie. Onfido checks that the ID is genuine and ensures the person presenting the identity is the legitimate owner and is physically present.

Investors can use this simple and user-friendly online experience to verify their identification and onboard safely.

How will this partnership work?

“As OpenDeFi expands into new markets, they can now perform customer verification at scale, and Onfido’s comprehensive coverage—spanning over 2,500 document types in 195 countries—will be there to help make the OroPocket app more accessible to Indian as well as global investors via their platform,” said Harvinder Singh, VP, Sales & Operations (APAC) at Onfido.

Through this partnership, OpenDeFi can now offer a quick, safe, and compliant onboarding to all its new customers, accelerating their journey towards growing their wealth by investing in digital asset classes. OpenDeFi aims to make investing more accessible to the wider audience by allowing them to diversify their portfolio beyond traditional assets while increasing security and decreasing the cost and time required in due-diligence checks.

“This collaboration offers OpenDeFi the identity verification technology and experience it requires to maintain its industry-leading position. We have great plans, and we’re thrilled that Onfido’s ground-breaking fraud detection technology will help us achieve them,” said Tarusha Mittal, Co-founder at OpenDeFi by OroPocket.

About Onfido

Onfido is setting the new standard for digital access. The company digitally proves a user’s real identity using artificial intelligence (AI), by verifying a photo ID and comparing it to the person’s facial biometrics. This means businesses can see their customers for who they are, without compromising on experience, conversion, privacy, or security. That’s how Onfido gives companies the assurance they need to onboard customers remotely and securely.

Recognized as a global leader in AI for identity verification and authentication, Onfido is backed by TPG Growth, Crane Venture Partners, Salesforce Ventures, M12 – Microsoft’s venture fund, and others. Onfido has raised $200m in funding, and with 500 team members across eight countries, is enabling digital access for some of the largest companies around the world.



About OpenDeFi

OpenDeFi is a unit of OroPocket, an open protocol that allows you to bridge the gap between digital and traditional financial mechanisms through different decentralized tools. It provides 100% asset-backed banking without the insidious, hidden charges and time-consuming tedium that come with traditional banks. Through the fiat on-ramps, OroPocket users can invest in multiple asset classes, grow their wealth, enjoy 100% liquidity—all on the blockchain, with a simple app.